Wednesday 4 June 2014

WTI OIL new uptrend soon?

Hi Traders,

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WTI OIL has completed all the 3 legs of the triangle - see the daily chart below and it's ready to break out the upper line to 106-107 and much higher.


likely: 105.92-106.12
possibly: 107.24-107.34
maybe: 107.96-108.12


The daily chart doesn't show the completion of wave 2 (in blue) yet. The a-b-c  is been followed by wave 1.-2-3. In the weekly chart,  this is part of the last wave up (wave 5) that should take the WTI OIL to 114.80 and maybe higher.


Note  that the wave oscillator doesn't give it a go yet.

Weekly chart, click to enlarge

 Daily chart, click to enlarge

Wave Oscillator on a daily chart, click to enlarge

4-hour chart, click to enlarge

1-hour chart, click to enlarge

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